ETH Drops 9.3% After Surpassing $2,800: Whale Profit-Taking and $699M ETF Inflows Shape Outlook

Ethereum (ETHUSDT) experienced a significant price decline over the past 24 hours, dropping 9.30% from a 24h open of $2,752.27 to a current Binance price of $2,496.19. This sharp pullback follows a recent rally where ETH briefly surpassed $2,800, driven by record futures open interest, strong institutional ETF inflows totaling $699 million in June, and heightened whale activity. The price reversal appears linked to profit-taking by large holders after notable gains, increased volatility, and pressure on short sellers, as well as broader market weakness despite ongoing bullish technical signals and continued developer focus on scalability upgrades. ETH’s 24-hour trading volume remains robust at $31.26 billion, with market capitalization between $336.5B and $344.62B, and key support now observed near the $2,700 level.